Musk shocked markets last week with the tweeted announcement that he was considering taking Tesla private for $420 a share, a price that valued Tesla at more than $70 billion, and that he had "funding secured". The SEC has asked Tesla for more details about Musk's tweets and proof that he has secured the necessary funding for the transaction.
Musk quickly doubled down on the maybe-joke, replying to his tweet by calling Tesla's forthcoming fashion offerings "S3XY" and "unis3x" and suggesting that they be teamed with "thigh-high sock boots".
According to Musk, the Saudi sovereign fund expressed its interest in order to diversify from oil and "has more than enough capital needed to execute on such a transaction".
Earlier this month, Musk tweeted his plan to send Greenlight Capital hedge funder (and Tesla short-seller) David Einhorn a box of shorts as a consolation price for Tesla's rising stock.
Musk's attempt to take the carmaker private requires approval from the committee, the filing by Tesla said.
On Monday, he said financing had been discussed with Saudi Arabia.
The committee, made up of three independent directors, said Tuesday that it has not received any formal proposal from Musk.
Tesla declined to comment further on the matter. "Among other things, this will allow me to obtain a more precise understanding of how many of Tesla's existing public shareholders would remain shareholders if we became private".
California-based Tesla has become one of the most valuable automakers on expectations it will disrupt the industry, although it produced only slightly more than 100,000 vehicles previous year.
Buss was chief financial officer of solar panel installer SolarCity for two years before retiring when Tesla paid $2.6 billion for the sales and installation firm in 2016. Musk allegedly admitted that he "was angry at the company's critics".
Latham and Watkins LLP has been retained by the committee as its legal counsel.